Bank PO :: PO English Language Test 107

Test 107 Questions and Answers

1 .

Direction : Read the passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
The Finance Ministry has ordered an overhauling of the electronic payment system for the Centre's flagship social welfare schemes to check fraud and cut down transaction costs.
The ministry has asked state-run banks to ensure that electronic payments to beneficiaries of such schemes are made only through the banks in which they hold an account. The ministry feels that the move would bring down the cost of fund transfer to almost half, besides guaranteeing an audit trail of the payment.
As of now, if a beneficiary of a scheme such as the Mahatma Gandhi National Rural Employment Guarantee Act holds an account in the State Bank of India, but the payment delivery system in his area is being handled by Punjab National Bank, the payment is credited to the beneficiary's account through PNB. This makes the government pay NEFT charges twice - first to PNB and then to SBI - on a single transaction.
The National Electronic Funds Transfer is a nation wide payment system that facilitates one-to-one transfer of funds. Under the scheme, a remitter has to pay ?5 plus service tax on every transaction upto ?1 lakh.
"There are two primary issues with this," a Finance Ministry official said. "First, the administrative ministry of the scheme has to pay NEFT charges twice. Second, if the transaction fails, its record will be lost among several such transactions."
The official said the proposed mechanism would not only reduce the pressure on the NEFT system, it would also guarantee a proper record of the payment as all subsequent transactions would be through the parent bank.
The Finance Ministry has already launched a pilot project in Bulandshahr district of Uttar Pradesh to test the viability of the mechanism.
State-run banks say the proposed plan will not increase their work load as they have to anyhow make payments individually. "It's just a matter of clubbing all singular accounts, which should not be an issue," a senior official at a bank said.
Only about 5% of India's 6 lakh villages have bank branches. Under the financial inclusion plan, the government aims to provide banking services to 73,000 villages with a population of 2,000.
A panel headed by Unique Identification Authority of India chairman Nandan Nilekani had proposed that all government payments over ?1,000 should be made electronically. The panel said a last-mile transaction fee of 3.14% with a cap of ?20 per transaction should be paid by the government for such payments. It also recommended that a network of 1 million inter-operable micro ATMs, operated by business correspondents, be set up across the country.

Direction : Which of the following is most nearly the SAME in meaning of the word printed in bold as used in the passage ?

Direction : Read the passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
The Finance Ministry has ordered an overhauling of the electronic payment system for the Centre's flagship social welfare schemes to check fraud and cut down transaction costs.
The ministry has asked state-run banks to ensure that electronic payments to beneficiaries of such schemes are made only through the banks in which they hold an account. The ministry feels that the move would bring down the cost of fund transfer to almost half, besides guaranteeing an audit trail of the payment.
As of now, if a beneficiary of a scheme such as the Mahatma Gandhi National Rural Employment Guarantee Act holds an account in the State Bank of India, but the payment delivery system in his area is being handled by Punjab National Bank, the payment is credited to the beneficiary's account through PNB. This makes the government pay NEFT charges twice - first to PNB and then to SBI - on a single transaction.
The National Electronic Funds Transfer is a nation wide payment system that facilitates one-to-one transfer of funds. Under the scheme, a remitter has to pay ?5 plus service tax on every transaction upto ?1 lakh.
"There are two primary issues with this," a Finance Ministry official said. "First, the administrative ministry of the scheme has to pay NEFT charges twice. Second, if the transaction fails, its record will be lost among several such transactions."
The official said the proposed mechanism would not only reduce the pressure on the NEFT system, it would also guarantee a proper record of the payment as all subsequent transactions would be through the parent bank.
The Finance Ministry has already launched a pilot project in Bulandshahr district of Uttar Pradesh to test the viability of the mechanism.
State-run banks say the proposed plan will not increase their work load as they have to anyhow make payments individually. "It's just a matter of clubbing all singular accounts, which should not be an issue," a senior official at a bank said.
Only about 5% of India's 6 lakh villages have bank branches. Under the financial inclusion plan, the government aims to provide banking services to 73,000 villages with a population of 2,000.
A panel headed by Unique Identification Authority of India chairman Nandan Nilekani had proposed that all government payments over ?1,000 should be made electronically. The panel said a last-mile transaction fee of 3.14% with a cap of ?20 per transaction should be paid by the government for such payments. It also recommended that a network of 1 million inter-operable micro ATMs, operated by business correspondents, be set up across the country.

Direction : Which of the following is most nearly the SAME in meaning of the word printed in bold as used in the passage ?

Direction (Q. 2 - 5) : Which of the following is most OPPOSITE in meaning of the word printed in bold as used in the passage ?

Direction (Q. 6 - 10) : The following questions consist of a single sentence with one blank only. You are given six words denoted by (A), (B), (C), (D), (E) and (F) as answer choices and from the six choices you have to pick two correct answers, either of which will make the sentence meaningfully complete.